The GST is a Value added Tax (VAT) is proposed to be a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level.
Know The Basics Of GST
India will adopt a dual GST model, meaning that taxation is administered by both the Union and State Governments. Transactions made within a single state will be levied with Central GST (CGST) by the Central Government and State GST (SGST) by the government of that state.
Since all the center and state taxes are merged and brought as one tax under GST, state governments and central government will need to have their share of GST. Hence, there will be three types of taxes under GST. Since GST is a consumption-based tax, the tax revenue will be charged and collected by the consuming state. This helps the consuming state to protect their tax base.
Reduction In Taxes
Boost to the Indian Economy
Ease Of Business
Goods & Services Tax is a huge opportunity for the upliftment of Indian economy and is a huge boon to the common man and the GST registered companies. The benefits of GST in Inida are umpteen and we welcome the wise steps taken by the government.